The Projection Oscillator (developed by M. Widner) measures the distance of the closing value within the current Projection Bands. When the close is near or approaching 0, that translates to a close which is near the lower projection band. A value near or approaching 100 indicates the close is approaching the upper projection band.

The projection oscillator is useful to screen for stocks that are moving close to either the upper or lower projection band. The valid range for this measure is 0-100.

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